Stocks end higher after Powell stresses time not right to pull back Fed support

On Wednesday, the $Dow Jones Industrial Average(.DJI.US)$rose 44 points, helped by a 2.4% gain in $Apple(AAPL.US)$'s stock. The $S&P 500 Index(.SPX.US)$climbed 0.12% after hitting an intraday record earlier in the session. The $Nasdaq Composite Index(.IXIC.US)$was the relative underperformer, dipping 0.2%. However, the Nasdaq 100 closed at an all-time high.

$Bank of America(BAC.US)$— Shares of the banking giant fell 2.5% after reporting quarterly earnings of $1.03 per share, including a one-time tax benefit. While that was higher than the consensus estimate of 77 cents, the company reported revenue below Wall Street forecasts and reported higher expenses. Citi and PNC also reported better-than-expected earnings Wednesday morning and are trading lower.

$Blackrock(BLK.US)$— The asset management firm' stock fell 3% despite reporting a better-than-expected quarterly profit Wednesday. BlackRock brought in $10.03 per share, beating the consensus estimate for the second quarter by 57 cents. Assets under management rose to a record $9.49 trillion during the quarter.

Energy stocks — Energy stocks are falling after the International Energy Agency warned Tuesday about the prospect of a deepening supply deficit if OPEC+ can' reach a deal on its production policy. $Marathon Petroleum(MPC.US)$and $Valero Energy(VLO.US)$are down 3.9%, $Occidental Petroleum(OXY.US)$has lost more than 7% and $Cabot Oil & Gas Corp(COG.US)$fell 5%.

$Oatly Group AB(OTLY.US)$— Shares of Oatly fell 2.8% after the alternative dairy company was accused of questionable accounting practices and misrepresenting its sustainability practices. The Swedish oat-based milk substitute company made its U.S. public debut about two months ago.

$Peloton Interactive(PTON.US)$— Shares of the at-home workout empire dropped more than 5% after Wedbush Securities downgraded its stock to “neutral” from “outperform.” Wedbush noted the number of fitness alternatives is growing and as the economy reopens customers are leaving their homes again for out-of-home workouts.

$Lululemon Athletica(LULU.US)$— The athleisure brand's stock rose 1.6% after Goldman initiated coverage with a “buy” rating and included it on its “Conviction Buy” list. Even as people swap their leggings and sweatpants for business casual attire, Goldman said Lululemon can expand into new categories geographically and categorically.

$Delta Air Lines(DAL.US)$— The air carrier's shares are down 1.5% after reporting it lost $1.07 per share for the second quarter, which was less of a loss than analysts expected. The airline topped revenue estimates, however, noting accelerated customer demand and a “solid” pretax profit for the month of June

$American Airlines(AAL.US)$— American Airlines saw its stock rise more than 3% ahead of its second-quarter earnings report next week. The company said it expects a “slight” pretax profit for the second quarter.

$L Brands Inc(LB.US)$— Shares of the retailer advanced more than 1% after the company raised its second-quarter earnings guidance. The optimistic outlook comes amid strength in L Brands' Victoria's Secret and Bath & Body Works divisions. The company also announced plans to sell 20 million shares held by founder Leslie Wexner and others.

$Apple(AAPL.US)$— Apple is trading over 2% higher after reports that the company asked suppliers to ramp up production of next-generation iPhones by 20%. That news follows another report from Tuesday that the tech company is working with Goldman Sachs on a buy-now-pay-later service.

$AMC Entertainment(AMC.US)$— The movie theater chain saw its stock tumbling more than 15% to around $33 apiece on Wednesday, less than half of its all-time high of $72.62 in early June. The decline brought its month-to-date losses to nearly 40%. The stock is still up more than 1,500% this year thanks to the meme stock mania earlier this year.